India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
Profitable Arbitrage: Generates positive FCF by monetizing logistics spreads (Valmo) and ad-tech, effectively acting as a profitable toll booth for unorganized retail rather than a traditional commission-based marketplace.</li>
<li>
The Moat: Monopolizes "India 2" (&lt;INR 300 AOV) via low-cost logistics infrastructure, creating a defensive barrier against Amazon and Flipkart’s higher-cost premium models.</li>
<li>
 Downside Risk: Supply-side flywheel is fragile; high return rates driving seller churn could pose significant threats to long-term sustainability.</li>
</ul>



Profitable Arbitrage: Generates positive FCF by monetizing logistics spreads (Valmo) and ad-tech, effectively acting as a profitable toll booth for unorganized retail rather than a traditional commission-based marketplace.

The Moat: Monopolizes "India 2" (&lt;INR 300 AOV) via low-cost logistics infrastructure, creating a defensive barrier against Amazon and Flipkart’s higher-cost premium models.

 Downside Risk: Supply-side flywheel is fragile; high return rates driving seller churn could pose significant threats to long-term sustainability.


Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Adani commits $10B to data centers to meet booming AI demand; this bold expansion positions India as a future-ready digital infrastructure hub.</li>
<li>
<a href="https://www.smartkarma.com/entities/flipkart-online-services-private-limited" target="_blank" data-smartkarma-citation="entities:31076:1" rel="noopener">Flipkart Online Services (1398508D IN)</a>’s board approves shifting domicile to India ahead of its IPO and this move can unlock higher valuations and boost local investor participation.</li>
<li>
<a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> starts chip talks with Tata, Micron, and CG Semi to cut reliance on China; this reshapes India’s role in the global EV and semiconductor supply chain.</li>
</ul>


Adani commits $10B to data centers to meet booming AI demand; this bold expansion positions India as a future-ready digital infrastructure hub.

Flipkart Online Services (1398508D IN)’s board approves shifting domicile to India ahead of its IPO and this move can unlock higher valuations and boost local investor participation.

Tesla (TSLA US) starts chip talks with Tata, Micron, and CG Semi to cut reliance on China; this reshapes India’s role in the global EV and semiconductor supply chain.


#139 India Insight: Adani’s $10B AI Push, Flipkart’s Domicile Shift, Tesla To Cut Reliance On China?

Private Capital Markets

<ul>
<li>Quick Commerce offers infinite TAM with rapid metro adoption, but requires endless investment in faster delivery times to remain competitive.</li>
<li>Delivery partners bear the operational burden, working long hours for modest pay while tech stacks across competitors remain largely similar.</li>
<li>Despite investor excitement, QC margins remain elusive due to high competition, homogeneous offerings, and limited pricing power compared to food delivery.</li>
</ul>


Quick Commerce offers infinite TAM with rapid metro adoption, but requires endless investment in faster delivery times to remain competitive.
Delivery partners bear the operational burden, working long hours for modest pay while tech stacks across competitors remain largely similar.
Despite investor excitement, QC margins remain elusive due to high competition, homogeneous offerings, and limited pricing power compared to food delivery.


Postcard from Bengaluru | Quick Commerce On-The-Ground

India

Flipkart Online Services Private Limited owns and operates e-commerce website. The Company provides books, movies, music, games, consoles, televisions, mobiles, digital cameras, computers, network components, software, peripherals, apparel, shoes, and kitchen appliances. Flipkart Online Services serves customers in India.

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Flipkart Online Services (1398508D IN)

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Pranav Bhavsar

Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

Kedaara Capital is now, on the day of the lock-up expiry, looking to sell around 10% of the company, as per media reports, at a floor price of...

Sumeet Singh

#139 India Insight: Adani’s $10B AI Push, Flipkart’s Domicile Shift, Tesla To Cut Reliance On China?

Adani invests $10B in data centers for AI demand, positioning India as a digital infrastructure hub; Flipkart shifts domicile to India for IPO...

Sudarshan Bhandari

Postcard from Bengaluru | Quick Commerce On-The-Ground

Quick Commerce has huge market potential but faces challenges with delivery speed and profitability, as competition and pricing pressure limit...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

​Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Pranav Bhavsar

Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

Kedaara Capital is now, on the day of the lock-up expiry, looking to sell around 10% of the company, as per media reports, at a floor price of...

Sumeet Singh

#139 India Insight: Adani’s $10B AI Push, Flipkart’s Domicile Shift, Tesla To Cut Reliance On China?

​Adani invests $10B in data centers for AI demand, positioning India as a digital infrastructure hub; Flipkart shifts domicile to India for IPO...

Sudarshan Bhandari

Postcard from Bengaluru | Quick Commerce On-The-Ground

​Quick Commerce has huge market potential but faces challenges with delivery speed and profitability, as competition and pricing pressure limit...

Pranav Bhavsar

Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Adani invests $10B in data centers for AI demand, positioning India as a digital infrastructure hub; Flipkart shifts domicile to India for IPO...

Quick Commerce has huge market potential but faces challenges with delivery speed and profitability, as competition and pricing pressure limit...